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QNBFS Daily Market Report May 13, 2019

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The QE Index declined 1.0% to close at 9,928.2. Losses were led by the Transportation and Real Estate indices, falling 2.3% and 2.2%, respectively.

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QNBFS Daily Market Report May 13, 2019

  1. 1. Page 1 of 6 QSE Intra-Day Movement Qatar Commentary The QE Index declined 1.0% to close at 9,928.2. Losses were led by the Transportation and Real Estate indices, falling 2.3% and 2.2%, respectively. Top losers were Qatar Aluminium Manufacturing Company and Doha Insurance Group, falling 7.0% and 6.7%, respectively. Among the top gainers, Qatar General Insurance & Reinsurance Company gained 4.9%, while Qatar Fuel Company was up 0.5%. GCC Commentary Saudi Arabia: The TASI Index fell 2.1% to close at 8,674.7. Losses were led by the Pharma, Bio. and Real Estate Mgmt. indices, falling 4.8% and 3.9%, respectively. Al-Rajhi Co. for Coop. Ins. declined 10.0%, while Med. & Gulf Ins. was down 9.9%. Dubai: The DFM Index fell 1.6% to close at 2,629.9. The Consumer Staples and Discretionary index declined 5.1%, while the Insurance index fell 4.7%. Ekttitab Holding Co. declined 10.0%, while Islamic Arab Insurance Co. was down 8.4%. Abu Dhabi: The ADX General Index gained 0.9% to close at 5,098.3. The Consumer Staples index rose 1.9%, while Telecommunication index gained 1.6%. Arkan Building Materials Company rose 6.2%, while Agthia Group was up 2.9%. Kuwait: The Kuwait Main Market Index fell 1.1% to close at 4,778.8. The Technology index declined 4.7%, while the Banks index fell 2.5%. Energy House Holding Co. declined 18.8%, while Credit Rating & Collection was down 18.7%. Oman: The MSM 30 Index gained 0.1% to close at 3,865.5. The Financial index rose 0.2%, while Industrial index gained marginally. Oman Flour Mills rose 3.4%, while Muscat Gases was up 3.3%. Bahrain: The BHB Index fell 0.6% to close at 1,427.7. The Commercial Banks index declined 0.9%, while the Services index fell 0.3%. GFH Financial Group declined 1.9%, while Ahli United Bank was down 1.2%. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Qatar General Ins. & Reins. Co. 42.99 4.9 0.1 (4.2) Qatar Fuel Company 209.00 0.5 49.1 25.9 Industries Qatar 113.10 0.1 24.0 (15.4) QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Qatar Aluminium Manufacturing 9.21 (7.0) 2,011.4 (31.0) Vodafone Qatar 7.36 (3.4) 909.4 (5.8) Ezdan Holding Group 9.26 (3.5) 630.7 (28.7) Investment Holding Group 5.82 (0.7) 557.6 19.0 Mazaya Qatar Real Estate Dev. 7.81 (2.4) 503.3 0.1 Market Indicators 12 May 19 09 May 19 %Chg. Value Traded (QR mn) 119.3 276.6 (56.9) Exch. Market Cap. (QR mn) 553,060.5 558,733.8 (1.0) Volume (mn) 7.5 9.5 (20.7) Number of Transactions 3,708 6,145 (39.7) Companies Traded 45 45 0.0 Market Breadth 3:38 14:29 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 18,268.76 (1.0) (1.0) 0.7 14.0 All Share Index 2,999.75 (1.2) (1.2) (2.6) 14.3 Banks 3,814.37 (1.1) (1.1) (0.4) 13.3 Industrials 3,087.07 (0.4) (0.4) (4.0) 15.5 Transportation 2,380.79 (2.3) (2.3) 15.6 12.8 Real Estate 1,736.01 (2.2) (2.2) (20.6) 14.5 Insurance 3,117.89 (1.7) (1.7) 3.6 18.0 Telecoms 898.68 (2.1) (2.1) (9.0) 18.4 Consumer 7,860.15 (0.5) (0.5) 16.4 15.4 Al Rayan Islamic Index 3,854.85 (1.0) (1.0) (0.8) 13.2 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Bupa Arabia for Coop. Ins. Saudi Arabia 92.60 4.8 329.0 14.3 Ominvest Oman 0.31 2.0 50.0 (11.2) First Abu Dhabi Bank Abu Dhabi 15.90 1.9 2,395.9 12.8 Saudi Int. Petrochemical Saudi Arabia 21.94 1.7 1,668.6 9.9 Emirates Telecom. Group Abu Dhabi 16.12 1.6 524.0 (5.1) GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Riyad Bank Saudi Arabia 25.45 (5.4) 1,839.7 28.4 Dar Al Arkan Real Estate Saudi Arabia 9.46 (5.0) 20,247.1 4.9 Al Ahli Bank of Kuwait Kuwait 0.31 (4.7) 85.6 3.4 Jabal Omar Dev. Co. Saudi Arabia 28.65 (4.5) 1,118.1 (16.7) GFH Financial Group Dubai 0.96 (4.3) 13,326.1 5.9 Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the S&P GCC Composite Large Mid Cap Index) QSE Top Losers Close* 1D% Vol. ‘000 YTD% Qatar Aluminium Manufacturing 9.21 (7.0) 2,011.4 (31.0) Doha Insurance Group 11.06 (6.7) 8.3 (15.5) Qatari German Co for Med. Dev. 5.85 (5.6) 23.9 3.4 Al Khaleej Takaful Insurance Co. 14.14 (5.4) 15.5 64.6 Gulf International Services 17.41 (4.4) 341.6 2.4 QSE Top Value Trades Close* 1D% Val. ‘000 YTD% Qatar Aluminium Manufacturing 9.21 (7.0) 18,922.4 (31.0) Qatar Fuel Company 209.00 0.5 10,201.7 25.9 Masraf Al Rayan 35.03 (1.3) 9,178.3 (16.0) Mesaieed Petrochemical Holding 20.09 (0.0) 7,510.1 33.7 Vodafone Qatar 7.36 (3.4) 6,754.4 (5.8) Source: Bloomberg (* in QR) Regional Indices Close 1D% WTD% MTD% YTD% Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 9,928.22 (1.0) (1.0) (4.3) (3.6) 32.58 151,925.7 14.0 1.5 4.4 Dubai 2,629.90 (1.6) (1.6) (5.0) 4.0 33.19 94,818.6 11.1 1.0 5.1 Abu Dhabi 5,098.30 0.9 0.9 (3.0) 3.7 26.90 140,710.9 14.0 1.5 4.9 Saudi Arabia 8,674.66 (2.1) (2.1) (6.8) 10.8 730.45 543,349.6 20.1 1.9 3.5 Kuwait 4,778.75 (1.1) (1.1) (1.0) 0.8 112.45 33,055.9 14.3 0.9 4.1 Oman 3,865.51 0.1 0.1 (2.0) (10.6) 2.12 16,901.0 8.0 0.8 7.1 Bahrain 1,427.71 (0.6) (0.6) (0.4) 6.8 2.69 22,134.2 9.8 0.9 5.3 Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Market and Dubai Financial Market (** TTM; * Value traded ($ mn) do not include special trades, if any) 9,900 9,950 10,000 10,050 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  2. 2. Page 2 of 6 Qatar Market Commentary  The QE Index declined 1.0% to close at 9,928.2. The Transportation and Real Estate indices led the losses. The index fell on the back of selling pressure from GCC and non-Qatari shareholders despite buying support from Qatari shareholders.  Qatar Aluminium Manufacturing Company and Doha Insurance Group were the top losers, falling 7.0% and 6.7%, respectively. Among the top gainers, Qatar General Insurance & Reinsurance Company gained 4.9%, while Qatar Fuel Company was up 0.5%.  Volume of shares traded on Sunday fell by 20.7% to 7.5mn from 9.5mn on Thursday. Further, as compared to the 30-day moving average of 12.2mn, volume for the day was 38.5% lower. Qatar Aluminium Manufacturing Company and Vodafone Qatar were the most active stocks, contributing 26.8% and 12.1% to the total volume, respectively. Source: Qatar Stock Exchange (* as a % of traded value) Earnings Releases Earnings Releases Company Market Currency Revenue (mn) 1Q2019 % Change YoY Operating Profit (mn) 1Q2019 % Change YoY Net Profit (mn) 1Q2019 % Change YoY Salama Cooperative Insurance Co. Saudi Arabia SR – – – – 6.8 64.6% Gulf Union Cooperative Insurance Co. Saudi Arabia SR – – – – 1.4 79.2% Amana Cooperative Insurance Co. Saudi Arabia SR – – – – 1.6 76.2% Saudi Marketing Co. Saudi Arabia SR 389.4 4.0% 10.7 -3.7% -2.6 N/A Saudi Re for Cooperative Reinsurance Saudi Arabia SR – – – – 22.8 -9.8% Alahli Takaful Co. Saudi Arabia SR – – – – 3.6 619.4% Alinma Tokio Marine Co. Saudi Arabia SR – – – – 2.9 -3.5% MetLife AIG ANB Cooperative Ins. Co. Saudi Arabia SR – – – – 1.0 -15.0% Arabian Shield Cooperative Insurance Saudi Arabia SR – – – – 7.3 299.7% Anaam International Holding Group Saudi Arabia SR – – – – -4.2 N/A Saudi Arabian Cooperative Insurance Saudi Arabia SR – – – – 2.0 33.9% Al Sagr Cooperative Insurance Co. Saudi Arabia SR – – – – 6.0 131.2% SABB Takaful Co. Saudi Arabia SR – – – – 2.6 27.6% Al Alamiya for Cooperative Insurance Saudi Arabia SR – – – – 2.1 32.1% Al-Etihad Cooperative Insurance Co. Saudi Arabia SR – – – – 3.6 331.2% Al-Baha Investment and Dev. Co. Saudi Arabia SR 2.4 -20.3% 0.2 -76.7% -0.6 N/A CHUBB Arabia Cooperative Insurance Saudi Arabia SR – – – – 2.1 79.2% Al Gassim Investment Holding Co. Saudi Arabia SR 2.9 -1.6% 1.6 20.9% 9.4 3082.6% The National Agricultural Dev. Co. Saudi Arabia SR 530.5 11.9% 37.5 221.8% -3.7 N/A Leejam Sports Company Saudi Arabia SR 217.3 22.4% 53.6 44.6% 39.6 21.1% Al Jouf Cement Co. Saudi Arabia SR 56.8 14.3% 1.1 -76.1% 1.5 -63.4% Saudi Fisheries Co. Saudi Arabia SR 5.3 -28.0% -8.8 N/A -9.2 N/A Saudi Cable Co. Saudi Arabia SR 102.5 -62.8% -26.7 N/A -32.5 #DIV/0! Saudi Paper Manufacturing Co. Saudi Arabia SR 155.1 -8.9% 35.8 67.1% 23.5 398.1% Alliance Insurance Dubai AED 85.5 -3.6% – – 13.5 -4.3% National General Insurance Company Dubai AED 143.3 18.4% – – 11.5 34.2% Al Firdous Holdings Dubai AED 2.4 -31.4% -4.5 N/A -6.9 N/A Amanat Holdings Dubai AED – – -3.2 N/A 20.7 43.3% Ras Al Khaimah Cement Company Abu Dhabi AED 49.8 -12.0% 2.3 9.5% 2.2 11.4% Ras Al Khaimah Cement Company Abu Dhabi AED 49.7 -12.0% – – 2.1 10.5% Abu Dhabi National Takaful Co. Abu Dhabi AED – – – – 26.8 15.5% Waha Capital Company Abu Dhabi AED 85.3 18.4% – – 7.1 -95.4% Eshraq Investments Abu Dhabi AED 6.8 -6.8% – – 2.1 -72.7% Agility The Public Warehousing Co. Kuwait KD 378.8 1.9% 31.4 8.6% 20.3 7.3% United Gulf Investment Corporation Bahrain BHD – – – – -0.8 N/A Source: Company data, DFM, ADX, MSM, TASI, BHB. Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 52.04% 52.39% (412,445.47) Qatari Institutions 19.03% 8.56% 12,487,294.77 Qatari 71.07% 60.95% 12,074,849.30 GCC Individuals 0.33% 1.49% (1,377,074.27) GCC Institutions 2.95% 2.42% 637,818.54 GCC 3.28% 3.91% (739,255.73) Non-Qatari Individuals 16.71% 20.90% (4,990,389.23) Non-Qatari Institutions 8.93% 14.25% (6,345,204.34) Non-Qatari 25.64% 35.15% (11,335,593.57)
  3. 3. Page 3 of 6 Stock Split Dates for Listed Qatari Companies Source: QSE News Qatar  Vodafone Qatar to launch first 5G smartphones in the region – Vodafone Qatar continues to mark 5G milestones, with news that the company will be the first in the region to make highly anticipated 5G smartphones available to its customers. Vodafone Qatar will open pre-orders for a limited number of the Xiaomi Mi MIX 3 5G starting May 14. The news was unveiled at Galeries Lafayette Doha, Vodafone Qatar’s exclusive partner for the smartphone’s pre-order and collection phases. Vodafone Qatar’s CEO, Sheikh Hamad Abdulla Al-Thani handed the first locally available Xiaomi Mi MIX 3 5G to Adel Ali Bin Ali, Chairman & President of Ali Bin Ali Holding that operates Galeries Lafayette Doha, in the presence of Nabeel Ali Bin Ali, Vice Chairman & EVP of the Group. Intertec Group, the sole distributor of Xiaomi in Qatar was represented by its Managing Director, Abdulla Khalifa Al-Subaey and Divisional Manager, Asraf NK. (QSE)  Seetharaman: Doha Bank focused on redefining asset allocation model – Doha Bank is now focused on redefining its asset allocation model, de-risking the bank, and improving asset quality ratios including provision coverage, CEO R. Seetharaman has said. “We have done a prudential approach, wherein 95% of my books have already been provided. And nearly 70% of the books for Kuwait has been provided in terms of loan-loss provisions. Nearly 95% of Doha Bank’s outstanding books is in Qatar. That’s part of our de-risking exercise and is manageable,” Seetharaman said. “If Qatar is doing well, we will do well. Our cross-border risks are being minimized. In India, we are operating with the capital that has been designated. And we have had no bad experience in India,” the Doha Bank’s CEO pointed out. Evaluating Doha Bank’s first-quarter performance, Seetharaman said, “It was a very balanced result, I would say. We have seen growth in assets in the first quarter of this year, 3% YoY. This is despite the loan and deposit growth declining 2% and 9%, respectively. “The market conditions were very tough, hence we were very cautious in our approach for loan booking and consolidating our position since last year. Despite decline in deposit, our loan-to-deposit ratio (LDR) still stays strong at 108% as opposed to the market average of 114%.” Compared to last year, Seetharaman noted, Doha Bank has “consciously driven” its investment books by 32%. This was a “structured” approach to increase the bank’s assets while taking no, or minimal risk and maintaining balance sheet growth. In respect of profit and loans, he said Doha Bank had seen an increase in interest income by 4%, even as interest expense rose 25%. (Gulf-Times.com)  DTZ Qatar: Freehold ownership decision will help realty sector – Qatar's move to increase the freehold residential zones from three to 10 will have a positive impact on the sector, according to DTZ Qatar, a leading real estate services firm. "The potential market for residential sales has been expanded by Law No 16 of 2018, which was implemented in March of 2019, as the number of freehold zones in Qatar has been increased from three to 10," DTZ stated. Non-Qataris can have freehold ownership of property in 10 areas, while 16 areas have been identified where they can use real estate for 99 years, HE the Minister of Justice and Acting Minister of State for Cabinet Affairs, Issa bin Saad Al-Jafali Al-Nuaimi had said in March this year. The areas under
  4. 4. Page 4 of 6 freehold zones are West Bay (Area 66), The Pearl-Qatar (66), Al Khor Resort (74), Rawdat Al Jahaniyah (investment area), Al Qassar (administrative area 60), Al Dafna (administrative area 61), Onaiza (administrative area 63), Al Wasail (69), Al Khraij (69) and Jabal Theyleeb (69). The areas where non-Qataris can use real estate for 99 years are: Msheireb (Area 13), Fereej Abdelaziz (14), Doha Al Jadeed (15), New Al Ghanim (16), Al Refaa and Old Al Hitmi (17), Salata (18), Fereej Bin Mahmoud (22), Fereej Bin Mahmoud (23), Rawdat Al Khail (24), Mansoura and Fereej Bin Dirham (25), Najma (26), Umm Ghuwailina (27), Al Khulaifat (28), Al Sadd (38), Al Mirqab Al Jadeed and Fereej Al Nasr (39) and the Doha International Airport area (48). The Planning and Statistics Authority's recent reports suggest both the overall number of residential sales and the total value of transactions in January and February grew 40% and 32% YoY, respectively; however, the average price per transaction fell 6% as purchasers took advantage of a ‘softening’ market. Several new residential towers have recently been completed in Viva Bahriya, with a significant number of additional units in Abraj Quartier, the Marina District and Viva Bahriya expected to complete within the next 12-18 months. (Gulf-Times.com)  Qatar sees increased demand for premium homes – Increasing affordability of premium apartments in Qatar has pushed the demand for such units in West Bay, The Pearl-Qatar and Lusail, according to a real estate report released. “The average rental reduction of more than 20% over the past three years has increased the affordability of many prime locations, with increased demand for West Bay and The Pearl-Qatar being driven by residents looking to trade-up,” real estate research firm DTZ’s Director for Consulting and Research in Qatar Johnny Archer wrote in the report. “As supply increases, so does the range of options available to residents in all income brackets,” he said. The lower rents that are now on offer are also being supplemented by rental incentives, such as rent-free periods or the inclusion of utility bills within quoted rents, the report, which gives an overview of the first quarter real estate trends in Qatar, he said. “While residential rents have typically fallen by 5 to 8% over the past 12 months, a lack of available three-bedroom units in Porto Arabia has seen rents for these units increase, bucking the general trend,” the report stated. “The large increase in the number of one-bedroom units being delivered to the market in new and upcoming developments (in comparison with two and three-bedroom units) is likely to see greater downward rental pressure on these units in the coming year,” it added. (Qatar Tribune) International  China defiant toward US on trade, Kudlow urges strong enforcement steps – The US and China appeared at a deadlock over trade negotiations on Sunday as Washington demanded promises of concrete changes to Chinese law and Beijing stated it would not swallow any “bitter fruit” that harmed its interests. The trade war between the world’s top two economies escalated on Friday, with the US hiking tariffs on $200bn worth of Chinese goods after President Donald Trump said Beijing “broke the deal” by reneging on earlier commitments made during months of negotiations. White House economic adviser Larry Kudlow told the “Fox News Sunday” program that China needs to agree to “very strong” enforcement provisions for an eventual deal and said the sticking point was Beijing’s reluctance to put into law changes that had been agreed upon. Kudlow said the US tariffs would remain in place while negotiations continue. China remained defiant. (Reuters)  White House aide Kudlow says Trump, Xi likely to meet in Japan in June – US President Donald Trump and his Chinese counterpart Xi Jinping are likely to meet during a G20 summit in Japan at the end of June and discuss trade, White House economic adviser Larry Kudlow said. Speaking to “Fox News Sunday”, Kudlow said over the past couple of weeks, China had backtracked from some its commitments and that the sticking point right now was to ensure Beijing puts the changes it had promised into law. (Reuters)  IMF says accord with Pakistan to cut imbalances, support growth – The International Monetary Fund (IMF) confirmed on Sunday that it had reached a staff-level agreement with Pakistan over a $6bn bailout package backed by a series of reforms to cut yawning deficits and improve growth. The program would aim to cut Pakistan’s debt through tax measures to improve revenue collection as well as reforms to its creaking energy sector, with a “market-determined exchange rate” to help the functioning of the finance sector, the IMF stated. (Reuters) Regional  Emirates’ Chief Commercial Officer resigns after airline's profit dives – Emirates’ Chief Commercial Officer, Thierry Antinori resigned, days after the Gulf airline announced its weakest profit in a decade, according to the company’s spokeswoman. Antinori, also an Executive Vice President, was responsible for commercial operations, products, the frequent flyer program and cargo division, according to Emirates’ website. (Reuters)  Dubai’s foreign visitors stood at 4.75mn in 1Q2019 – The total number of international guests who visited Dubai during first three months of 2019 grew by 100,000 compared to same period of 2018, according to data published by Dubai Department of Tourism and Commerce Marketing. Total 4.75mn foreign tourists visited Dubai in 1Q2019 versus 4.65mn, 4.57mn and 4.11mn in same period of 2018, 2017 and 2016, respectively. Average occupancy rate for hotel establishments in 1Q2019 came in at 84% versus 87%, 87% and 85% in same period of 2018, 2017 and 2016, respectively. Revenue per available room reported AED417 in 1Q2019 versus AED488, AED500 and AED520 in same period of 2018, 2017 and 2016, respectively. (Bloomberg)  Dubai’s real estate mortgages exceeds AED52.5bn during January-April period – Total mortgages of the real estate market in Dubai have exceeded AED52.5bn during the first four months of 2019, data by Dubai’s Department of Land and Property showed. Land plots have acquired the largest stake of total mortgage transactions, valuing at over AED48.6bn in the January-April period of this year. Meanwhile, mortgages of residential and commercial apartments reached AED2.8bn at the end of April, while mortgages of villas amounted to AED1.1bn. In April, Seih Al-Dahal area witnessed over AED13.5bn of mortgage transactions of residential lands. (Zawya)
  5. 5. Page 5 of 6  Dubai office rents become more affordable – Barring Dubai Design District, office rents fell across the Emirate in the first quarter of 2019 with market strongly favoring tenants, a new study revealed. According to the latest research by Savills on the Emirate's office market, Dubai Science Park recorded the highest decline of 11.3% in the first quarter, followed by the old Dubai areas of Bur Dubai and Deira where rents dropped 11.1% and 6.7%, respectively. In most of other areas, rents fell in between 3% to 6%. However, office rents at Sheikh Zayed Road, Al Barsha, Tecom, Dubai Internet City, Dubai Media City, Dubai Knowledge Village, Dubai Studio City, Dubai Silicon Oasis, Garhoud and One Central remained stable. (Zawya)  First Abu Dhabi Bank launches operations in Saudi Arabia – First Abu Dhabi Bank (FAB) officially launched its operations in Saudi Arabia. The new branch, located in Al Cayan Tower, Riyadh, joins FAB’s international network which spans five continents, enabling customers in Saudi Arabia to draw on the bank’s global relationships, expertise and financial strength to grow stronger, the bank stated. The opening is a key milestone in FAB’s international expansion plans that will help to further strengthen commercial ties between the UAE and Saudi Arabia. (Zawya)  Acting CEO: ADNOC Distribution announces five-year expansion plan – Abu Dhabi National Oil Company (ADNOC) Distribution, is planning to expand its facilities and investment services around the UAE, especially in Dubai, which currently serves only four stations, according to ADNOC Distribution’s Acting CEO, Saeed Mubarak Al Rashdi. The company plans to increase the number of stations in Dubai over the next five years, by constructing a total of 75 new stations, equivalent to 15 new stations per year, he added. He also revealed that the company’s board of directors decided to construct three more stations in Saudi Arabia, following the success of two stations launched earlier in 2018, which attained profits of over 30%. In his statement on the sidelines of the First Capital Markets Days in London and New York, Al Rashdi explained that the company’s plan will expand its activities in Saudi Arabia, to include fuel services, cars washes, and restaurants. (Zawya)  Abu Dhabi fund managed AED83bn loans, government grants in over three decades – Abu Dhabi Fund for Development (ADFD) managed AED83bn concessionary loans and government grants since its inception in 1971. ADFD is committed to supporting development projects in developing countries across the Middle East, Africa, Asia Pacific, and Latin America the fund stated. Media Advisor at ADFD Fatima Al Balooshi referred to the fund’s efforts to support the UAE’s economy through facilitating AED16.5bn business deals in the last decade. (Zawya)  Boubyan Bank raises $433mn from rights issue – Kuwait-based Boubyan Bank raised $433mn from an issue of shares to existing shareholders, the bank stated. The bank issued 376.2mn shares in the offering. (Bloomberg)  Kuwait Investment Authority seeks to sell around 16% stake in Gulf Bank – Kuwait Investment Authority, the nation’s sovereign wealth fund, is planning to sell a 16.081% stake in Gulf bank. The authority currently holds 20.2% stake in Gulf bank. (Bloomberg)
  6. 6. Contacts Saugata Sarkar, CFA, CAIA Shahan Keushgerian Zaid al-Nafoosi, CMT, CFTe Head of Research Senior Research Analyst Senior Research Analyst Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535 saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa Mehmet Aksoy, PhD QNB Financial Services Co. W.L.L. Senior Research Analyst Contact Center: (+974) 4476 6666 Tel: (+974) 4476 6589 PO Box 24025 mehmet.aksoy@qnbfs.com.qa Doha, Qatar Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNB FS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNB FS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNB FS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. QNB FS accepts no liability whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically engaged investment advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNB FS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. QNB FS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. For reports dealing with Technical Analysis, expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNB FS Fundamental Research as a result of depending solely on the historical technical data (price and volume). QNB FS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. This report may not be reproduced in whole or in part without permission from QNB FS. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNB FS. Page 6 of 6 Rebased Performance Daily Index Performance Source: Bloomberg Source: Bloomberg Source: Bloomberg Source: Bloomberg (*$ adjusted returns) 60.0 80.0 100.0 120.0 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 QSE Index S&P Pan Arab S&P GCC (2.1%) (1.0%) (1.1%) (0.6%) 0.1% 0.9% (1.6%) (3.0%) (2.0%) (1.0%) 0.0% 1.0% SaudiArabia Qatar Kuwait Bahrain Oman AbuDhabi Dubai Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%* Gold/Ounce 1,286.05 0.2 0.5 0.3 MSCI World Index 2,126.32 0.3 (2.4) 12.9 Silver/Ounce 14.78 0.1 (1.1) (4.6) DJ Industrial 25,942.37 0.4 (2.1) 11.2 Crude Oil (Brent)/Barrel (FM Future) 70.62 0.3 (0.3) 31.3 S&P 500 2,881.40 0.4 (2.2) 14.9 Crude Oil (WTI)/Barrel (FM Future) 61.66 (0.1) (0.5) 35.8 NASDAQ 100 7,916.94 0.1 (3.0) 19.3 Natural Gas (Henry Hub)/MMBtu 2.54 (1.2) (2.7) (20.3) STOXX 600 377.14 0.5 (3.0) 9.6 LPG Propane (Arab Gulf)/Ton 62.25 2.0 4.6 (2.0) DAX 12,059.83 0.9 (2.5) 12.2 LPG Butane (Arab Gulf)/Ton 58.25 2.4 1.5 (16.8) FTSE 100 7,203.29 (0.0) (3.3) 9.4 Euro 1.12 0.2 0.3 (2.0) CAC 40 5,327.44 0.5 (3.6) 10.5 Yen 109.95 0.2 (1.0) 0.2 Nikkei 21,344.92 (0.2) (2.4) 7.4 GBP 1.30 (0.1) (1.3) 1.9 MSCI EM 1,033.44 0.5 (4.6) 7.0 CHF 0.99 0.3 0.5 (3.0) SHANGHAI SE Composite 2,939.21 3.1 (5.8) 18.8 AUD 0.70 0.2 (0.2) (0.7) HANG SENG 28,550.24 0.8 (5.1) 10.2 USD Index 97.33 (0.0) (0.2) 1.2 BSE SENSEX 37,462.99 (0.2) (5.0) 3.4 RUB 65.10 0.1 0.0 (6.6) Bovespa 94,257.56 (0.9) (2.3) 4.9 BRL 0.25 (0.3) (0.5) (1.9) RTS 1,213.79 (1.6) (2.8) 13.6 106.1 98.8 86.1

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